This week in the podcast, we provide an end of summerupdate on our earnings transcript review and the high frequency economic,sentiment, and virus indicators that we track. We also offer a few thoughts onwhat tapering means for US equity markets. Three big things you need to know:(1) Last week’s earnings calls provided an important reminder about thestrength of the consumer. (2) The reflation trades remain tethered to COVIDtrends. (3) We think equity investors have already priced in tapering to asignificant degree, given the underperformance of Value and Small Cap that wesaw earlier this summer.